(Reuters) -British digital banking services startup Tide has raised $120 million at a valuation of $1.5 billion, it said on Monday, joining the list of fintech "unicorns" in the UK. The funding round
UK fintech startup Tide raises $120 million to join unicorn club
Tide's Journey to Unicorn Status
(Reuters) -British digital banking services startup Tide has raised $120 million at a valuation of $1.5 billion, it said on Monday, joining the list of fintech "unicorns" in the UK.
The funding round was led by private equity firm TPG and included Tide's exiting investor Apax Digital Funds.
The investment will help the company expand internationally and invest in agentic artificial intelligence, the London-headquartered firm said.
Funding Details and Investors
Founded in 2017, Tide offers small- and medium-sized businesses accounting and related administrative services, including invoicing and website building.
“Tide is already adopting AI at pace, and the investment will allow us to accelerate this. TPG’s support reinforces both our existing strategy and will help deliver our long-term growth potential,” Tide's CEO Oliver Prill said.
Impact of Investment on Tide's Growth
Tide joins the likes of British digital banking platforms Revolut and Monzo that have gained unicorn status in the last few years. Revolut is likely to be valued at nearly $65 billion in its latest funding round, according to media reports.
Comparison with Other UK Fintechs
Unicorns are unlisted startups valued at at least $1 billion.
(Reporting by Prerna Bedi in Bengaluru; Editing by Sahal Muhammed)
